Xiaomi's IPO flop: Shares fall in Hong Kong debut

"Given the targeted high valuations of many new-economy IPO hopefuls and the number of IPOs going forward, it will be challenging for the market to digest all of them", said Hong Hao, chief strategist at brokerage BOCOM International.

The Xiaomi float adds to Hong Kong's $7 billion worth of new listings so far this year.

Xiaomi's shares had previously priced at the bottom of their range and traded below their IPO price in gray market trade late last week, as investors anxious about the company's prospects in the intensely competitive global smartphone market.

By contrast, China Literature Ltd, the e-book arm of Tencent Holdings, late a year ago raised $1.1 billion in its Hong Kong IPO amid heavy demand, with the retail portion being 625 times oversubscribed. It later expanded into computers, TVs and home appliances. "It's open to everybody.If you don't like the price, you can stay away".

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Compared to Apple's initial public offering way back in 1980, however, Xiaomi's IPO has not been a resounding success. Instead, the current valuation of $46 billion essentially means the company's value remains unchanged from its last fundraising round in 2014.

The listing came, however, as escalating trade tensions between the United States and China have shaken markets over the past several weeks. Ping An Healthcare and Technology Co Ltd dropped below its IPO price on the second day of trading in May.

Xiaomi is an internet company with smartphones and smart hardware connected by an IoT platform at its core.

"The debut has been pretty solid given the headwinds they've faced coming in, including the size of the deal, the newness of what they're trying to do, CDRs (Chinese depositary receipts), dual-share class voting rights and trade wars".

Xiaomi had a bumpy start to its market debut in Hong Kong on Monday. The company is also making waves in Europe, where after less than two years in the market, it has become the fourth biggest smartphone seller.

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